According to the Young Entrepreneur Council, 1 in 3 Millennials, are choosing to supplement income from their full-time job. Recently, a Bankrate.com survey, found over 44 million Americans have some kind of side hustle or job in addition to their primary work. So whether you call it a side hustle, moonlighting, or a side gig, finding a way to increase your income can support your path to financial security.
However, many are still unsure of how to use their time to earn more or use their skills to make money.
In Chris Guillebeau’s bestselling book, Side Hustle: From Idea to Income in 27 Days, he explains that a side hustle is taking your skill or talents to create a business that generates consistent income. He isn’t talking about the gig economy like driving for Uber or completing tasks for others using apps. He believes you limit your earning potential when you’re still completely exchanging your time for money.
One of my goals with the blog is to help you create wealth and that can mean making additional income any which way you can. It can mean earning income with your car, with your skills, or selling your stuff.
You might be holding onto some erroneous belief that you simply cannot make substantial amounts of money through side hustles.
I want to challenge your beliefs and that is at the core of shifting your mindset to start adding more dollars into your accounts. Here’s what you need to challenge:
1. You believe it’s going to take too much time.
You already work 40 hours a week. And if the thought of working more hours make you sink further into your couch, then close your eyes and take a deep breath. I want you to think about how you’re spending your time. Are you using hours to binge-watch Netflix or scroll through social feeds? If so, I think you’ve just found a few hours a week to work on a side hustle.
A side hustle doesn’t have to be overly complicated. You can spend time on side gigs or invest time in building a business. In reality, the choice is yours to make and you can start making a few dollars with apps or go head into starting a business.
Basically, use your time more efficiently.
2. You believe you have nothing to offer.
Everyone has something to offer that is valuable to someone else. I am confident that you have a skill or talent that can be monetized. For example, you’re great at writing or design, consider offering services to others or start an online portfolio such as a blog. Have you thought of writing your thoughts and sharing it out with the world? Have a unique voice? Many people, like myself, make money blogging. You too can be making money with a blog.
Most people underestimate the value of their talents or skills. Having this belief limits your ability to increase your money-making potential. Taken another way, do you find your friends asking you for help with a particular area? Guess what? You’ve just found demand.
Here’s a pro tip: tell your family and friends you’re starting a side hustle to pay off debt, build an emergency fund, or save for a down payment. It might be weird for you to ask family or friends for money. However, if you couldn’t do what they needed, chances are they’ll pay someone else to complete it for them.
3. You’re afraid your boss will find out.
Most jobs don’t require telling your boss that you’re working another job or have a business. To ease your concerns, check to see if your employer has any restrictions. And if there are restrictions, find out exactly what you’re restricted from doing. Often it may include a non-compete. For example, you’re a technology salesman restricting you from selling similar items even in your free time.
Keep in mind employers may have a policy preventing you from selling personal services to coworkers. Also, don’t use your primary work hours to work on your side hustle. That’s an easy way to lose your primary source of income.
If you want to feel more at ease, review your employee handbook, contract, or speak with your human resource manager. You can speak to your boss about your side hustle which may prompt a discussion on getting a pay raise. Even with a pay raise, you may still want to continue with the side hustle to reach financial security sooner.
4. You keep thinking you need some sort of certification.
Sometimes you may need to register or get a license to offer a service or start a side hustle business. But most side hustles don’t require a certification. A certification can help you enhance your skills by taking the required courses or ease the mind of potential customers. If there is no gap between the skills you have and what is required, don’t delay from making extra money.
For example, driving for a ridesharing company to earn side income requires a driver’s license with a safe driver’s record. You don’t need to have additional certifications. Or creating illustrations, designing logos, or editing videos don’t require any certifications but taking courses may help you refine your design techniques.
As more people want your services, you can look into enhancing your skills through a certification program or paying for online courses or college classes.
5. You believe your current job is secure.
I’m not encouraging you to consider leaving your primary job. In fact, having a primary job has many benefits that work well with side hustles. The main point is that having multiple income streams will provide you the financial security you want.
Unfortunately, no job is completely secure. Changes in a company’s financial performance, a merger, a new boss, or the economy can impact your job situation. I’m not writing to spread fear but to encourage you to diversify your income sources.
Again, there are many ways for you to diversify your income streams. Think of your primary job salary, income from investments, side hustles, and business ventures.